Are you one of those who do not understand what Routing and account number is and you consequent upon that, you do not know how to transfer funds with routing and account number. This article is meant to provide your needs because it is focused on guiding you through the process of how to transfer funds with routing and account numbers. Don’t go away as I take you through the process carefully.
Transferring money from one account to another has become one indispensable activity in our society. This is because as you go through your daily transactions, you would and must be faced with the need to transfer it send money to either friend, business partners, workers, colleagues as well as family. However, in carrying out such a transaction, you will be required to input either your or the recipient’s routing and account number.
Transferring money with routing and account numbers might look very strange to you especially if you are not familiar with those two concepts. Anyways, that is why this article is here to explain how to transfer money with routing and account number but first let’s understand the concept of routing number and account number.
What Is Routing Number?
A routing number is a 9 digits number that is used to identify the location of an account or where the account was opened. They are also called ABA routing numbers or RTN.
The first four digits of the routing number are the symbol of the Federal routing, the next four digits are for the American Bankers Association (ABA) and the last digit is the single check digit.
The Routing Number is most commonly used in banks that are located in the USA. And are important for virtually all banking transactions like withdrawal, deposits, and transfers.
What Is An Account Number?
As the name implies, an account number is a unique set of numbers that is used to identify a bank account. It is usually used alongside the routing number. However, unlike the routing number, this is used for individual accounts.
It is assigned to you when you open an account and mostly between 8 to 12 digits. No two accounts have the same number. While the routing numbers can be publicly displayed, the account number is private to you alone.
Can A Bank Have More Than One Routing Number?
Still, on how to transfer money from routing and account numbers, it is pertinent to know that some banks can have more than one routing number depending on its size and location. A bank can have routing numbers for different branches, especially in different cities or states.
How To Find Routing And Account Number
Moving on to how to transfer money with routing and account number, let’s help you find your routing and account number. The easiest way to get your routing and account number are by checking the documents given to you as of when you opened the account.
Also, you can find your routing and account number by logging into your online bank account.
Your routing and account number can also be found at the bottom of your banking check. And lastly by contacting the customer service department of your bank.
Without wasting any more time, let’s proceed to the main business of how to transfer funds with routing and account number. Let’s see 6 methods of how to transfer funds with routing and account numbers.
How To Transfer Funds With Routing And Account Number
Let’s see how to transfer funds from routing and account numbers online.
- Log into your online account either through your bank’s website or mobile app
- Scroll to the section for money transfer and tap on it.
- Enter the account and routing number of the recipient
- Select an amount
- Click in send, confirm the detail and enter your PIN or ID.
- Click send.
With this, the fund will be sent to the account of the recipient.
6 Ways To Transfer Cash With Routing And Account Number From Bank To Bank
Your routing and account number can be used when transferring money from bank to bank. This applies to you transferring funds to another bank or someone sending money to you from their banks.
Like I stated in the preventing paragraph, you or the sender will be required to enter the routing and account number when filling out the transfer form. This works for both ACH and wire transfers to local and international accounts.
Direct Deposit Transfer with Routing And Account Number
Direct Deposit is another way of how to transfer money with routing and account number. Direct deposit is used when sending money from your account to another account.
The difference between this and the method discussed previously is that direct deposits cannot be used for international transfers. When making a direct deposit, you need the name of the recipient, account number and routing number, bank’s name, and many more.
How To Transfer Money With Routing And Account Number Through Money Order
The money order is another method that can be used to transfer money with routing and account numbers. Money Order involves making payment using a third-party check. To do this, the recipient would have to deposit the check into their bank account or exchange it for cash.
When filling out a form for a money order, you will be required to enter the account and routing number of the recipient alongside other information. And if you want to purchase a Money Order from a bank, you will be required to enter your routing and account number. You can get a Money Order from a bank using a cash or debit card to fund the cost of purchase.
How To Transfer Money With Routing And Account Number Using Check
Using a check is another way to transfer money with routing and account numbers. All you have to do is to get either a paper check or a recheck online. Fill in the amount as well as the recipient’s information. After that, the check will be submitted to the bank which will then be credited to the recipient. Make sure the routing and account number of the recipient are correctly written.
How To Transfer Funds With Routing And Account Number From Bank To Prepaid Cards
This is the last I am going to be considering on how to transfer money with routing and account numbers. This method involves sending the fund from your bank account to your prepaid card and vice versa.
And of course, you will be required to enter the recipient’s account and routing number and in some cases yours. The steps used in this method are the same as those stated in point 1 above. Some of the prepaid debit cards include Netspend, Greendot, etc.
Why Is My Transfer Of Funds With Routing And Account Number Not Working?
Sometimes after going through the process of how to transfer money with routing and account number, it ends up not being successful. And I know that can be frustrating but that can be avoided. The reason why your transfer of funds with routing and account number is not working might be
- When you miss some digits or make any errors while entering the account information like routing and account number.
- When you have insufficient funds in your account your transfer of funds with routing and account number will not be successful.
- Poor internet connection is another reason why your transfer might not work successfully.
Is It Safe To Transfer Money With Routing And Account Number?
Furthermore, on the topic of how to transfer money with routing and account number, let’s discuss the security of the process. The American Bank Association (ABA) instituted the routing number for making transfers to secure your fund. Therefore if there is any case of theft or fraud, your money can easily be traced. So, it is safe to transfer money with routing and account numbers.
Can I Transfer Funds Without Routing And Account Numbers?
It is practically impossible to transfer money without a routing and account number. This is because to initiate a transfer, there must be a location where the fund will be transferred. The only way out is to withdraw the cash and send it in person.
Therefore, this article has successfully divulged the process of how to transfer money with routing and account number in 6 methods. I also explained the concepts of routing and account number as well as other relevant questions surrounding the transfer of money with routing and account number.